Problem 1-18 (LO. 2, 7) In 2023, Madden, who is single, has adjusted gross income of $145,600, uses the standard deduction of $13,850, and has $131,750 of taxable income. Compute the following for Madden: a. Federal income tax liability (see Appendix A for the 2023 Tax Rate Schedule). b. Statutory tax rate(s). %, Feedback Check My Work Incorrect c. Marginal tax rate. % d. Average tax rate. % %, e. Effective tax rate, using adjusted gross income. % % and %

In 2023, Madden, who is single, has adjusted gross income of $145,600, uses the standard deduction of $13,850, and has $131,750 of taxable income. Compute the following for Madden: a. Federal income tax liability (see Appendix A for the 2023 Tax Rate Schedule), b. Statutory tax rate(s). %, %, % and % Feodback TChock My Work Incorrect c. Marginal tax rate. % d. Average tax rate. % e. Effective tax rate, using adjusted gross income. %